Why Attunity Stock Popped Today
What happened
Shares of data integration and big data management software company Attunity (NASDAQ: ATTU) jumped on Thursday, rising as much as 19.1%. As of 1:25 p.m. EST, the stock was up 18.7%.
The stock's gain follows an announcement on Thursday that data analytics company Qlik entered an agreement with Attunity to acquire the company in an all-cash deal.
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So what
The two companies' boards of directors have both agreed that Qlik will acquire Attunity in a deal valued at $560 million. Explaining the stock's gain on Thursday, this translates to $23.50 per Attunity share -- an 18% premium to where the stock was trading at market close on Wednesday.
"We are excited to be joining Qlik, combining our data integration and big data management capabilities with the analytics leader to accelerate our success," said Attunity CEO Shimon Alon in a press release Thursday.
Now what
The acquisition, which would take Attunity private, is expected to close sometime during the second quarter of 2019. The deal, of course, is subject to the approval of Attunity shareholders, regulatory approval, and other customary closing conditions.
"We believe the transaction is in the best interest of Attunity's stakeholders and provides Attunity with additional awareness and scale to execute our strategic plans as we continue to provide our customers with the premier products and services they have come to expect," said Alon in the press release.
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Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
